• Report: #1073369

Complaint Review: Capital Alliance

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  • Submitted: Mon, August 05, 2013
  • Updated: Thu, July 03, 2014

  • Reported By: affmdsys — new york New York
Capital Alliance
1950 E. 17th St – 3rd Floor Santa Ana, California USA

Capital Alliance Capital Alliance Group Business Loan Working Capital SCAM Santa Ana California

*UPDATE EX-employee responds: Capital Alliance has no conscience

*Consumer Comment: LIAR

*Author of original report: Sorry your facts are off Leichtd

*UPDATE EX-employee responds: As a Former Employee...

*UPDATE EX-employee responds: As a Former Employee...

*REBUTTAL Owner of company: Got taken by Capital Alliance & Yellowstone

*Consumer Comment: scam

*Consumer Comment: Excellent Company To Work With

*Consumer Comment: Same experience here as this is their scam

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Greg Baker from Capital Alliance contacted my business on 7/18/2013 - he offered to find us $50,000 loan and that we were "pre-approved". He called me from (408) 636-1555. I initialy ignored him but he was very eager and called about 2 times per day.

 

He sounded legit - he would offer us not $50,000 - but $27,000 towards the purchase of some new equipment for our facility opening in Chicago. All we needed to do was pay a $295 processing fee and then they would draft via ACH withdrawl $251 per day from our account every business day for 6 months. this is a pretty high interest loan - but our lines of credit are quite full at the moment and our cash flow is good enough to afford the interest.

Well, Greg Baker and Capital Alliance is total scam. they have no loans and no "preferred lenders". Upon getting our application and details - they charged the "application fee". [continued below]....

..... THEN (and ONLY THEN) did they call us back seeking conditions we could not meet to go ahead with the loan.

 

Its a total scam - the only thing they want is the application fee of $295. You give them your bank info as part of the app - and kiss it goodbye...

 

Watchout for these guys and RUN if they call you!


This report was posted on Ripoff Report on 08/05/2013 10:48 PM and is a permanent record located here: http://www.ripoffreport.com/r/Capital-Alliance/Santa-Ana-California-92705/Capital-Alliance-Capital-Alliance-Group-Business-Loan-Working-Capital-SCAM-Santa-Ana-Cali-1073369. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
1Author 7Consumer 1Employee/Owner
Updates & Rebuttals

#1 UPDATE EX-employee responds

Capital Alliance has no conscience

AUTHOR: Fred Sterling - ()

I am a former employee of the company. What the lady above is saying is true. The initial quote a potintial client recieves is a total scam to bate you into the deal so they can take the processing fee.

 

This was the worst place I have ever worked. They are simly the kings of bate & switch running a sweat shop. 

 

When they call, grab your wallet and run.

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#2 Consumer Comment

LIAR

AUTHOR: Ryan - ()

Obviously written by one of Capital Alliance's cronies. By the way the real name of your company is CITADEL EQUIPMENT FINANCE. Google that. You'll be enlightened. 

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#3 Author of original report

Sorry your facts are off Leichtd

AUTHOR: affmdsys - ()

We did EXACTLY as we were told when Greg called us to secure the loan. we sent our true, valid bank statements from our only bank account. we gave Greg a correct, accurate and true copy of everything he asked.

If he was NOT going to be able to make the loan - the time to tell us that would have been BEFORE he collected the due diligence fee of $295. He didnt. Instead, he contined to state he has "lenders" who will make the loan.

Only, and ONLY once did we give them a void check and they drafted $295 from our account - were we presented with a requirement we could not meet. In business, you state all your requirements first. then you let the other person decide if they want to do business with you BEFORE any money changes hands.

Imagine I signed up for a Verizon cell phone say $129 a month unlimited text and data. I bought the phone for $300 in the Verizon Store with a 2 year contract - then the moment I got home - Verizon called me. they can NO LONGER offer UNLIMITED VOICE AND DATA UNLESS I AGREE to MAKE ALL MY CALLS FROM SAY, TEXAS, instead of NEW YORK CITY...

That is the level of impossibility to complete the deal Capital Alliance presented us with. It was timed, it was professional. it was obvious once it happend. we complained to the BBB and they refunded our $$$. there are legit fuding companies that help small business with loans. If Capital Alliance is going to be a good firm to work with they need to

1) State the terms - ALL THE TERMS PRIOR to taking the $295 due diligence fee.

2) State they themselves are NOT the lender - that they work with lenders - this was definitely not clear until we paid the fee

3) IF the firm is ultimately NOT approved send a WRITTEN notice what was done for the due diligence fee and in WRITING state why the firm was not approved.

We are all adults in business here and not every situation is made to work - but changing the terms at the end, once the deal is signed in a bad way to do business. Oh, and please stop sending me letters in the mail to borrow money. we are find. we dont need any $$$. We ended up expanding as planned with out a loan after all.

Joe Brunner

Affirmed Systems

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#4 UPDATE EX-employee responds

As a Former Employee...

AUTHOR: LeichtD - ()

I am a former employee of Capital Alliance and I find this post offensive, invalid, and outright irresponsible.

I was already retired when I chose to join Capital Alliance, so it was not for a paycheck or to further my career. What I found was very refreshing compared to other financial service companies I worked for throughout my career. Just visit their headquarters in Santa Ana. Not only will your claim seem out-of-line, but you will find wonderful people that genuinely have the customer's best interest in mind. In fact, MOST of our team and company meetings were focused on improving customer service, bettering the work/life quality of the employees, and planning how we can contribute to charitable causes in the local community.

The fact that you would name these employees while you remain ANONYMOUS is malicious and cowardly. I am familiar with both of the reps you mentioned. Greg is a family man who is dedicated to his work and his clients. Tim is an honest kid who commutes 2 hours to work to be part of the company vision and achieve his goals. Both are stand-up professionals who have much more going for them than to take your few hundred bucks. It breaks my heart because your misrepresentation of the facts are hurting good people who make an honest living with the company.

The company funds millions to small businesses every month with very happy customers. The only time there is a dispute or misunderstanding is when a client falsifies or hides credit information on their application. It was probably because of your intent of fraud that the company could not honor your approval. I would bet that you fall into this boat for 3 reasons:

1. You are anonymous.
2. Your baseless use of the word "scam" and "ripping people off."
3. Any rational person can see the intent of this post is MALICIOUS rather than to try to work toward a RESOLUTION.

In fact, why don't you attempt to resolve your claim directly with the company? You would be welcome to their office and these gentlemen would be happy to meet face-to-face to help resolve the issue. That is of course, if your intentions did not include loan fraud, then that is a different story.

Your lies are hurting a very credible company and honest people who work there to feed their families. Please be more considerate and responsible of what you post online.

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#5 UPDATE EX-employee responds

As a Former Employee...

AUTHOR: LeichtD - ()

I am a former employee of Capital Alliance and I find this post offensive, invalid, and outright irresponsible.

I was already retired when I chose to join Capital Alliance, so it was not for a paycheck or to further my career. What I found was very refreshing compared to other financial service companies I worked for throughout my career. Just visit their headquarters in Santa Ana. Not only will your claim seem out-of-line, but you will find wonderful people that genuinely have the customer's best interest in mind. In fact, MOST of our team and company meetings were focused on improving customer service, bettering the work/life quality of the employees, and planning how we can contribute to charitable causes in the local community.

The fact that you would name these employees while you remain ANONYMOUS is malicious and cowardly. I am familiar with both of the reps you mentioned. Greg is a family man who is dedicated to his work and his clients. Tim is an honest kid who commutes 2 hours to work to be part of the company vision and achieve his goals. Both are stand-up professionals who have much more going for them than to take your few hundred bucks. It breaks my heart because your misrepresentation of the facts are hurting good people who make an honest living with the company.

The company funds millions to small businesses every month with very happy customers. The only time there is a dispute or misunderstanding is when a client falsifies or hides credit information on their application. It was probably because of your intent of fraud that the company could not honor your approval. I would bet that you fall into this boat for 3 reasons:

1. You are anonymous.
2. Your baseless use of the word "scam" and "ripping people off."
3. Any rational person can see the intent of this post is MALICIOUS rather than to try to work toward a RESOLUTION.

In fact, why don't you attempt to resolve your claim directly with the company? You would be welcome to their office and these gentlemen would be happy to meet face-to-face to help resolve the issue. That is of course, if your intentions did not include loan fraud, then that is a different story.

Your lies are hurting a very credible company and honest people who work there to feed their families. Please be more considerate and responsible of what you post online.

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#6 REBUTTAL Owner of company

Got taken by Capital Alliance & Yellowstone

AUTHOR: Small Biz Owner - ()

Same story here but it goes a bit further. 

Was contact by Capital Alliance. Spoke to a guy named Joe. He was nice and explained me the process. Paid him his processing fee of $295 & filled out the appliancation. He got me approved by their partner lender Yellowstone. Keep in mind on my initial call with Joe I was told there would be no fees but the processing fee. 

I did end up getting approved for 1/2 of what I was requesting. I was able to live with that. Here is where it gets interesting.

After I signed my contracts with Yellowstone (which included about $1400 in fees!) I received a welcome call from the underwriter at Yellowstone. On the welcome call the underwriter had the audacity to request an additional 10% fee!! I was already paying back $4500 for a measely $10,000. Now Yellowstone wanted another $1000!! So for $10,000 I am paying $4500 in interest and $2400 in fees. So really I am getting only $7600. He explained that this was the service fee for the broker at Yellowstone. Wait wasnt Joe my broker that I just paid $295 to?  I cancelled the deal with Yellowstone on the spot. I know my credit is weak but that doesnt mean you can take advantage of someone like me. These people prey on the needy. 

 

I paid a small price to learn a big lesson!! 

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#7 Consumer Comment

scam

AUTHOR: sala - ()

I want to know it sounds like this is where we are going with this.. not good total scam.  I want to know did they send out an inspector to see the office .

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#8 Consumer Comment

Excellent Company To Work With

AUTHOR: Anon - ()

I completely disagree with the comments above and had a different experience all together. My company was looking for a loan for 25k so that we could purchace inventory at a discounted price. I was pre aproved for the 25 k, but I had to submit my bank statements to back up my applicatation. After I turned in my paperwork, my file funded in two days. I do make daily payments 21 days a month, but this has turned out to be a great thing for my business. Good Job Capital Alliance. You are a great company to work with and I would highly recommend.

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#9 Consumer Comment

Same experience here as this is their scam

AUTHOR: Staz - ()

When I read your report it was as though you were telling my story. I was contacted by Capital Alliance as well by a different representative. Timothy Hall "account executive" ie telemarketer 949-283-6621 with Capital Alliance www.capitalnow.org He also quoted numbers and made promises that at the end of the day were simply a lie. I was told to complete paper work and that the numbers provided would only get better. They charged my card $295 even though they said that would only happen if the deal got done. These guys are bad news. I agree, dont walk, run! They claim to have many different lendors but if you simply go to one single reputable lendor they will smoke the offer Capital Alliance will make if Capital Alliance makes one. There guys are all about stealing $295. I got a better loan with better amounts and terms by just talking to one other lender. These guys are a joke except for they are ripping people off left and right. It is pretty obvious after reading the other posts that this is how their people are trained and grabbing $295 is the business model not doing legitimate loans.

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